[ad_1]
NEW DELHI: One of the biggest demanding real estate Industry from coming budget 2023 There is a cut in home loan rates. Expectations are running high as this is the last budget of Prime Minister Narendra Modi’s government before the primary elections due in 2024.
Samyak Doshi, director of Bhoomi Group, believes that there should be some tax concessions for first-time home buyers. The government should consider increasing the deduction available for home loans under section 24(b) from Rs 2 lakh to Rs 5 lakh. This would result in positive consumer sentiments which would create an incentive to increase the demand for housing. Tax incentives and credit subsidy schemes should be extended to a larger section of homebuyers.
“Long term capital gains from sale of house property to be taxed at 10 per cent (provisions similar to section 112 for equity shares). Also, the period of holding of house property to be reduced to 12 months from existing 24/36 months” “Qualify as a long term capital asset,” said Niranjan Hiranandani, managing director, Hiranandani Group.
Hiranandani further said that the ban on financial assistance schemes should be removed. The restriction is not in favor of home buyers, a large section of whom do not have the capacity to pay both, their under-construction home loans as well as house rent.
CREDAI-MCHI treasurer Pritam Chivukula wants the government to reintroduce GST with input tax credit on under-construction properties, which will bring down property rates thereby creating demand among home buyers.
[ad_2]
Source link